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Conveyancing Quotation - For the sale of your property
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SALE of
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The Conveyancing aspect of Selling property
The seller's conveyancer will request a copy of the land registry entry for the property being sold. (referred to as office copies in bill of fees).
A contract for sale will be prepared next. The contract will include the land registry property site plan and registration details.
The contract and attachments will then be forwarded to the buyers solicitor.
What does Leasehold mean?
Leasehold means that somebody else has title to the land and that you will therefore have to pay a ground rent and possibly also a service charge to the freeholder (owner of the freehold title). It is normally possible to buy the freehold title at a later date as a separate purchase transaction.
It therefore follows that the valuation of two identical properties, one being leasehold and the other freehold, would result in a lower value being applied to the leasehold property.
It is important to check the length of time remaining on the lease (Commonly the leases would have been originally issued with a 99 year life span). If not much time is remaining on the lease it may be difficult to obtain a mortgage, unless the freehold can also be purchased subsequently.